ARE CANADIANS MIS-INFORMED ABOUT TAX LAWS?
Posted by V.K. [Mel] Melhado PA on Wednesday, April 20th, 2011 at 5:07pm.
Over the years, we've sold many Canadians property here in the greater Naples/Bonita/Marco area. From time to time we hear a Canadian customer say that they were told by their accountant that they could not make an out of country purchase for more than $100,000 without being subject to strict tax laws in their country. The result is that they do not want to look at properties that they cannot buy for less then $100,000. No matter how many times we insist that is not the case, they remain adamant about it.
We recently attended a seminar dealing specifically with Canadian Tax Laws and came away with some very important information. The very first piece in information contained the following:
"You or your company or trust or partnership are required to file one or more of the four new Information Returns if you have an interest in foreign property totally more than $100,000 (this includes shares, bank accounts, debts/obligations and real property except homes)." What is missed is the except homes and that is quite relevant.
If you are interested in the report, please email me email@example.com and I will send it right out to you.
V.K. [Mel] Melhado PA
Fine Home Specialist
Preview Naples Group
Downing Frye Realty, Inc.
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